Personalized Customer Experience

It Is Important to Ensure That Organizations Deliver a Personalized Customer Experience with Targeted and Relevant Offers Which are Optimized to the Needs of Each Customer.

Business Challenges

Increase Cross-sell Ratio

Since there’s usually a large amount of competition in the retail banking market, banks find it difficult to increase their cross-sell ratio to their customer base. The NBA solution enables cross-sell of appropriate products at every opportunity.

Event based offers

Certain offers may be presented based on a customer event, such as the use of a credit card in a travel merchant which triggers an offer of travel insurance or currency exchange. Such event based offers typically have a high conversion rate. NBA provides this event based capability by monitoring events and providing most relevant to that specific customer at that time.

Multi-channel Orchestration

When a customer responds to an offer presented in one channel this must be recorded in the system and used to guide future actions. Customer declining an offer on an ATM screen should not be presented the same offer at the branch. The NBA solution synchronize channels with each other in real-time.

Cost of Infrastructure

Preparing product propensities requires a lot of computing power. Enabling such computing power on premise is only possible with massive initial investment on hardware and software. NBA solution removes this initial investment and offers a usage based payment scheme.

Frequency of offer preparation

Offers must be prepared based on each customer profile and state. Enabling frequent time relevant offers to be prepared increases the chance of success. NBA solution allows a financial institution to use Azure’s computing power to prepare offers weekly and even daily.

Utilization of Inbound Interactions

Customer response to outbound marketing activities is typically very low. Sending e-mails, text messages and even performing high-cost outbound calling campaigns do not seem to be providing a high enough conversion rate to justify the marketing resources. NBA provides an API for these channels to query the next best offer and present it.

We are in times of Customer Centric Marketing. VeriPark’s Next Best Action Solution addresses each individual customer specifically and delivers intelligent interactions across all inbound and outbound channels at the right time. It helps banks and financial institutions to boost customer retention, up-sell and cross-sell and enhances customer experience during interactions.